Benefits of Solar Energy
Solar energy provides numerous advantages that will enhance your home for years to come.
- Lowered energy bills: You can dodge the expensive cost of grid-tied power by producing some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Reduced carbon footprint: Using clean solar power lowers your dependence on conventional, less environmentally-friendly sources.
- Better energy independence: Photovoltaic solar panel systems with battery storage systems operate through blackouts and emergencies, and you won't have to depend on your power company for your safety and well-being.
What Solar Incentives Are Available to Waco Homeowners?
Texas homeowners who go solar could qualify for reimbursements, tax credits, special financing and rebates. Here are just a few of the area's incentive programs.
Incentive Type: Property Tax Incentive
Website: comptroller.texas.govIncentive Amount:
100%
Incentive Type: Rebate Program
Website: texasgasservice.comIncentive Amount:
Free Equipment Program: Free appliance installation and weatherization services
Home Improvement (includes attic insulation, duct sealing, duct insulation, duct replacement, high-efficiency gas furnace, and Wi-Fi thermostat: Up to $1000
Solar Water Heater With Natural Gas Backup: $750
Tankless or Super High-efficiency Water Heater: $650
Furnace: $675
Furnace Tune-Up: $40
Natural Gas Dryer with moisture sensor: $225
Natural Gas Dryer Stub: $300
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Waco
Choosing a company is the first step toward a well-oiled and cost-efficient solar system. Consider all of these elements in your business search.
Licensing and Training
All solar energy companies in Texas must have a state electrical contractors' license from the Texas Department of Licensing and Regulation. The Texas State Board of Plumbing Examiners regulates plumbing regulations and licensing standards for solar thermal installers. Solar companies can also pursue certificates from standards organizations and trade groups. The most prestigious ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Waco
Your solar panels' type will affect how much electricity you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not every solar contractor provides these optional components, so look for a company that installs them if it's important for you.
If you're a resident of Waco and are considering getting a five-kilowatt solar energy system, you could plan to spend about $16,650 for parts and installation. Find more information on specific component and solar panel costs in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,142 |
| Solar Polycrystalline | $891 |
| Thin-Film | $521 |
| Solar Battery | $731 |
| Solar Home EV Charger | $2,740 |
Financing Solar Energy in Waco
Choosing the optimal financing option will impact your overall solar system cost and possible savings. Common payment options include leases, power purchase agreements, loans, and cash payments. Though it requires a large up-front payment, cash is the most economical choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to use your panels for a set monthly rate, while PPAs let you pay just for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each business you're vetting about the payment plans it offers. A team member can help you determine the best option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Waco.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own rebates and financing plans that could reduce your total cost even more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.1 years |
| 2 kW | 4.2 years |
| 5 kW | 10.6 years |
| 10 kW | 21.2 years |
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Frequently Asked Questions About Solar in Waco
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Waco?
Should I expect a property value increase after going solar?
How long does the photovoltaic installation process last?
How do I care for my new solar system?
What is the average payback period for Waco solar panels?
How many estimates should I get before making a final solar company decision?
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